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An American start-up has raised $ 285 million from the sale of virtual land

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An NFT (non-fungible token) is a crypto asset that represents a digital file such as pictures, videos, or items in an online game.

Last year, the American start-up Yuga Labs created 10,000 NFTs with “bored monkeys”, which in the meantime have become the most valuable crypto assets sold at major auction houses in the world and owned by celebrities such as Paris Hilton or Madonna. One of these NFTs is currently selling for several hundred thousand dollars, writes Agerpres.

Now Yuga Labs has turned its attention to the so-called “metaverse”. In an online auction held on April 30, Yuga Labs sold NFTs called “Otherdeeds”, which will be able to be exchanged on virtual land in the future online environment with the theme Bored Ape and which will be called ‘Otherside’. But ‘Otherdeeds’ NFTs could only be bought using the cryptocurrencies associated with this project, called ApeCoin, which were launched in March.

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At the April 30 auction, 55,000 ‘Otherdeeds’ NFTs were put up for sale at a price of 305 ApeCoin cryptocurrencies each, and the company announced on Sunday on Twitter that all NFTs had been sold. This means that the amount raised at the end of the auction was 16,775,000 ApeCoin cryptocurrencies, valued at about $ 285 million, according to Reuters calculations.

This auction highlights that there is still a high demand for highly speculative and risky crypto assets related to the virtual world. NFTs are largely unregulated and scams and market manipulation are common.

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